As summer comes to an end, homeowners typically start postponing their moving plans, leading to a seasonal decrease in homes listed for sale during the fall. This is a predictable seasonal trend in the real estate market.
However, this year has seen an unusual shift, coinciding with a drop in mortgage rates and a decrease in the number of homes entering the market. Instead of fewer listings, more homeowners have decided to put their homes up for sale.
According to the latest data from Realtor.com, the number of new listings in September this year increased by 11.6% compared to the same period last year. As shown in the green circle on the graph, instead of the usual September dip in new listings, there was actually an increase.
Realtor.com’s Chief Economist, Ralph McLaughlin, attributes this unusual increase to the mid-August drop in mortgage rates, which motivated homeowners to list their homes. In other words, as rates fell toward the end of summer, more homeowners decided to enter the market.
What does this mean for buyers?
It means there are now new listings entering the market, providing buyers with more fresh options, not just homes that have been sitting unsold. Whether you’re looking for a starter home, upgrading to a larger space, or downsizing, there are now more choices available.
Keep in mind that a single month of data doesn’t define an overall trend. Whether more homeowners will continue to list their homes depends on factors such as mortgage rates, inflation, employment, and the Federal Reserve’s responses to these economic conditions.
Given all these factors, now might be the ideal time to buy a home, with more listings on the market providing buyers with increased opportunities.
As I always emphasize, an increase in inventory and supply means buyers are now in a better position to find a home at a more favorable price.
In conclusion, the rate drop toward the end of summer encouraged sellers to re-enter the market, giving buyers more options. Now could be the perfect time to work with a trusted local real estate agent to take advantage of this opportunity before someone else finds your dream home.
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